Teleperformance stock declines and stumbles again below the €72 resistance level
Teleperformance is declining this Wednesday, in a session marked by anticipation of the U.S. Federal Reserve's decision on its key interest rates. The stock is trading below its short-term moving average and remains blocked below the €72 resistance level, which it has failed to sustain above for several weeks.
A decline that brings the stock below its MA20, with short positions in the background
Teleperformance loses 1.84% during the session, at €68.44, after closing at €69.72 the previous day. The stock thus finds itself below its 20-day moving average (€70.25), with a gap of -2.58%, while it remains well anchored above its MA50 at €64.41 (gap +6.26%) and its MA200 at €58.65. The RSI at 54 remains in neutral territory, without any particular signal of exhaustion in either direction. The support level at €66.94 constitutes the next threshold to monitor in case the movement continues, while the €72 resistance level is moving further away.
In this context, the weight of net short positions deserves to be noted: according to reported declarations, eight funds accumulated 8.61% of capital sold short as of September 14, a slight increase of 0.18 percentage points over one month. This elevated level reflects a significant fraction of the float positioned downward, without it being possible to deduce the precise motivations of the market participants. The dynamics remain stable rather than accelerating, which tempers an overly alarmist reading of this figure.
A session under pressure from the Fed, against the backdrop of a quarterly decline erased by more than 23%
The backdrop of the day weighs on all business services stocks. The Federal Reserve is expected this Wednesday, September 16, to raise its key interest rate for the first time in three years, which keeps bond yields under pressure and compresses valuation multiples for labor-intensive companies. For Teleperformance, this context is added to a week slightly in the red (-0.81% over seven days) and a monthly decline of 3.42%.
Quarterly performance nonetheless remains very positive, at +23.27%, which explains why the stock maintains a comfortable margin above its medium and long-term moving averages. Based on expected earnings, the stock is trading around 5.1 times the results of the current fiscal year according to the consensus of surveyed analysts, a modest level in light of the recent course progression. The previous day's decline, already nearly 3%, fell within the same context of monetary pressure, and this morning's movement extends this consolidation below €72. The resistance at this level, tested several times since the beginning of September, remains the central technical threshold for the coming sessions.
